Paramount Corporation Bhd is expanding its Sejati branded series in Cyberjaya, featuring new lakefront homes with a gross development value (GDV) of RM319.8 million.
The developer told the stock exchange that it is acquiring 13.3 hectares of freehold residential land fronting a panoramic 45-acre lake for RM102.7 million.
It said that its wholly-owned subsidiary Utropolis Sdn Bhd has entered into a sale and purchase agreement with Makmur Asiamaju Sdn Bhd to buy the land.
According to Paramount deputy group chief executive officer Benjamin Teo, the new project will take around six years to develop and will add to the business's current GDV of RM7.6 billion.
Teo said the new area is within a kilometre of Paramount's Sejati Residences and Sejati Lakeside.
The developer's first high-end landed residential development in Cyberjaya, Sejati Residences, has sold out, following which Sejati Lakeside was launched in 2019.
Sejati Lakeside is a 16.8ha low-density landed residential development currently under construction. The project's first two phases, including two-story terraced and superlink residences, have a 99 percent take-up rate.
Teo hoped to achieve the same level of success as these two projects.
"The timing couldn't be better. We are building on the strong momentum of Sejati Lakeside as we target to launch its final phase comprising three-storey lakefront semi-detached homes, in the fourth quarter of this year," he said.
